Zweig DiMenna Associates LLC Invests $9.92 Million in Newmont Co. (NYSE:NEM)

Zweig DiMenna Associates LLC acquired a new position in Newmont Co. (NYSE:NEM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 185,600 shares of the basic materials company’s stock, valued at approximately $9,920,000.

Other institutional investors have also recently made changes to their positions in the company. Heathbridge Capital Management Ltd. raised its stake in Newmont by 2.0% in the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after buying an additional 200 shares during the last quarter. Fulton Bank N.A. raised its position in shares of Newmont by 1.5% in the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after purchasing an additional 221 shares during the last quarter. Good Life Advisors LLC boosted its stake in Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 229 shares in the last quarter. Pekin Hardy Strauss Inc. grew its position in Newmont by 0.4% during the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock worth $2,683,000 after purchasing an additional 233 shares during the last quarter. Finally, KCM Investment Advisors LLC increased its stake in Newmont by 2.3% during the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after purchasing an additional 244 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Trading Down 14.7 %

Shares of Newmont stock opened at $49.25 on Friday. The firm has a 50-day simple moving average of $53.43 and a two-hundred day simple moving average of $46.74. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a market cap of $56.51 billion, a P/E ratio of -23.23, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the previous year, the company posted $0.36 EPS. The business’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, equities analysts predict that Newmont Co. will post 3.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

NEM has been the subject of several research reports. Jefferies Financial Group lifted their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $48.00 to $59.00 in a report on Monday, August 19th. Finally, UBS Group increased their price target on shares of Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.46.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock valued at $3,434,640 in the last three months. 0.06% of the stock is currently owned by company insiders.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.